Published on: September 17, 2019

Great expectations

Scottish housebuilder Springfield Properties increased PBT by 69% in FY 2019, beating our estimate by 3% and undershooting our debt assumptions. We maintain our latest estimates but believe the group is investing in potentially greater mid-term growth, by strengthening management and systems, planning further progress in affordable housing and extending its regional footprint, including into the rapidly growing city of Inverness.

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